2019 Integrated Report

96 | PPS INTEGRATED REPORT 2019 COMPOSITION OF THE PPS GROUP AUDIT COMMITTEE Members: Independent non-executive directors of PPS Insurance: Prof H E Wainer (Chairman), B Acc, CA(SA), Member of GAC since 2001 Ms D L T Dondur, B Acc (Hons), B Compt, CA(SA), MBA, Chartered Director (SA), Member of GAC since 2013 Mr C Erasmus, BSc, FIA, FASSA, Member of GAC since 2009 Mr E A Moolla, B Iuris, Member of GAC since 2015 Mr P Ranchod, B Compt (Hons), CA(SA), MBL, H Dip Business Data Processing, Member of the GAC since 2014 Dr J A van der Merwe, MB ChB, MBL, DBL, PED. (IMD), Member of GAC since 2018 Specialist consultant: Dr C E Rabin, D Phil, CA(SA), specialist consultant to the GAC since 2011, formerly a member of the GAC from 2005 to 2011. Meetings held during the year and attendance thereat: Group Audit Committee 6 Mar 2019 29 May 2019 9 Sep 2019 11 Nov 2019 Prof H E Wainer (Chairman) P P P P Ms D L T Dondur P P P P Mr C Erasmus P P P P Mr E A Moolla P P P P Mr P Ranchod P P P P Dr J A van der Merwe AP AP P AP Dr C E Rabin * P AP P P *Consultant AP = Apology The GAC comprises of six non-executive PPS Insurance directors, all of whom are independent. Dr Rabin, who is not a member of the PPS Insurance Board, and was formerly a member of the GAC, was appointed as a specialist consultant to the GAC pursuant to the requirement of the Companies Act, 2008, that all members of the GAC have to be Board members. Three of the members of the GAC and the specialist consultant are Chartered Accountants. The remaining members of the GAC are an actuary, a lawyer and a risk management specialist, respectively. The Boards are satisfied that the members of these Committees have sufficient recent and relevant financial experience to enable them to carry out their duties and responsibilities and that the members of the Committees bring a wide range of relevant experience and expertise. The GAC meets at least four times a year, while the TAC is scheduled to meet at least twice a year. The Chairmen of the Group Risk Committee and the Group Actuarial Committee are also members of the GAC. The Head of the Actuarial Control Function and Statutory Actuary, the Company Actuary, the external auditors, the Head of the Internal Audit Function, the Head of the Risk Management Function and other relevant role players are present at each meeting of the GAC. The external auditors are present at each meeting of the TAC. The GAC has an oversight role in regard to the Risk and Audit Committees of PPS Investments and PPS Short-Term Insurance, which report to the GAC at its quarterly committee meetings. The TAC and GAC meet both the external and internal auditors separately in private sessions, without executive management being present. The Chief Executive and the Chief Financial Officer, along with other members of senior management, attend Committee meetings, as necessary, at the invitation of the Chairmen of the Committees. AUDIT COMMITTEES’ REPORT (CONTINUED)